Liberis, an embedded business finance platform, has secured a financing of £70m from long-term partners British Business Investments, Paragon Bank, BCI Europe, besides financing and venture debt from new partner Silicon Valley Bank (SVB).
This takes the total funds raised by Liberis to £200m, including more than £50m in equity funding.
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The company plans to use the funds for its growth, launch new products, and provide additional customer financing solutions.
The firm has offered more than £500m in financing to 16,000 SMEs across Europe, US and UK, including £250m in the last two years.
Set up in 2007, Liberis offers partners with financing solutions for their small business customers.
Liberis CEO Rob Straathof said: “Our significant growth in the past two years has highlighted the need in the market for SME support, especially during uncertain times. As an SME ourselves, we understand the plight and have survived an economic downturn. With uncertainty in the market, funding can be hard to access from more risk averse institutions. We are thrilled to have extra resources to help our partners support SMEs’ survival through COVID and beyond.”
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By GlobalDataThe firm’s global partner network consists of marketplaces, software providers and acquirers, such as Worldpay from FIS and Global Payments.
These partners integrate with Liberis to offer personalised pre-approved revenue-based financing for up to £300,000 to up to one million SMEs.
A recent survey of 200 Liberis customers found that 50% of them were forced to shut down and 37% were most concerned with the loss of revenue and customers, with cash flow being the biggest challenge.
About 36% said it was harder to get approval for funding from traditional lenders such as banks.
In May this year, Liberis rolled out a new CBILS loan product, offering financial support to SMEs across the UK that are losing revenue due to the Covid-19 pandemic.
